According to the Mortgage Reports today, average 30-year fixed mortgage rates are at 3.14% nationwide, near all-time lows, while 15-year fixed rates are just 2.7%, down slightly from last week. The average 5/1 ARM rate is just 2.84%.
Homebuyers looking to purchase a home can enjoy some of the lowest rates available, but they should still shop around for the best deal. Homeowners who already have a mortgage may want to consider refinancing their loan in the current market. Refinancing can help borrowers save money on their monthly payments, access extra cash, reduce their loan term, or possibly lower their interest rate.
Today's refinance rates are more attractive than ever, with average 30-year fixed refinance rates at 3.24%, slightly higher than purchase rates. 15-year fixed refi rates are much closer to purchase rates, at 2.76%. The average 5/1 ARM refi rate is also close to purchase rates at 2.9%.
The low mortgage and refinance rates available today are due to several factors. Last week saw a slight dip in Treasury yields which helped mortgage rates fall slightly. The unprecedented federal stimulus package taking shape is also likely to keep mortgage rates low for the foreseeable future.
Overall, today's mortgage and refinance rates provide an excellent opportunity for homebuyers to find great deals and for borrowers to take advantage of the current market and gain access to the funds they need.
The current mortgage and refinance rate markets present a unique opportunity for those seeking to purchase or refinance a home. Average 30-year fixed mortgage rates nationwide are near all-time lows at 3.14%, while 15-year fixed rates are just 2.7%. Homebuyers can take advantage of these ultra-low rates, although it is always wise to shop around for the best deal. Refinancing options are also attractive, with 30-year fixed refinance rates at 3.24% and 15-year fixed refi rates at a competitive 2.76%.
There are several reasons for the current favorable market conditions. A slight decrease in Treasury yields last week helped push mortgage rates down slightly, while the imminent federal stimulus package is expected to maintain low rates for the foreseeable future. This could mean more savings for those looking to either buy or refinance a home.
Low mortgage and refinance rates are great news for those looking to purchase or refinance a home. By shopping around and taking advantage of the current market, borrowers can save money on their monthly payments, reduce their loan term, or access extra cash. Now is the time to seize this opportunity while rates are still favorable.
This article was contributed on Sep 23, 2023
